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CIPS L4M5 (Commercial Negotiation) exam is a professional certification exam that assesses an individual's knowledge and skills in commercial negotiation. The Certified Institute of Procurement and Supply (CIPS) is the awarding body for L4M5 Exam, and it is recognized globally as a leading qualification for procurement and supply chain professionals.
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CIPS L4M5 Exam, also known as Commercial Negotiation, is an important certification for procurement professionals seeking to enhance their negotiation skills. L4M5 exam is designed to test candidates' knowledge and understanding of the principles, techniques, and strategies used in commercial negotiation. It is an essential requirement for procurement professionals who want to excel in their careers and contribute to the growth of their organizations.
NEW QUESTION # 186
A skilled negotiator will use a range of questioning techniques in a negotiation. If they wished to explore options with the other party without making any formal commitment, which type of question style would they use?
Answer: B
Explanation:
Hypothetical questions are used to explore options or scenarios without making commitments. This technique allows negotiators to understand the other party's preferences and limitations by presenting hypothetical situations, as recommended in CIPS guidelines for negotiation questioning techniques.
NEW QUESTION # 187
Premium pricing strategies used by suppliers are characterised by which of the following? Select TWO that apply.
Answer: D,E
Explanation:
There are several pricing strategies used by suppliers:
Cost-plus pricing - Total variable + Fixed cost + profit
Premium pricing - based on branding. Supplier determines to charge a very high price, notconnected with cost structures, usually based on its reputation and/or the perception that the product/service is of a superior quality. This strategy typically found in the early part of the product life cycle/when demand exceeds supply.
Penetration pricing - Supplier attempts to enter a new market or extend its share in an established one. It is characterised by price reductions to increase volume, followed by steady price increases; may even be loss leading at start (no profit made) Marginal cost pricing - covers only variable cost Market pricing - suppliers prices in line with what the market is willing to pay
NEW QUESTION # 188
According to Mendelow's Matrix, how should stakeholders with high interest but low power be managed?
Answer: B
Explanation:
Mendelow's Matrix categorises stakeholders by power and interest. High-interest, low-power stakeholders must be kept informed, as they care about outcomes but lack direct influence. Keeping them informed builds trust and reduces resistance. By contrast, high power/interest stakeholders are key players, while low power
/low interest require minimal effort. This tool ensures negotiation strategies align with stakeholder dynamics, preventing overlooked risks or conflicts.
Reference: CIPS L4M5 (2nd ed.), LO 3.1 - Stakeholder mapping using Mendelow's Matrix.
NEW QUESTION # 189
At which stage in a negotiation would questions be asked to obtain missing information?
Answer: B
Explanation:
:
There are 5 key phases of negotiation:
The opening phase: confirm understanding and get the issue on the table The testing phase: check assumption and confirm understanding The proposing phase: asking 'if' The bargaining phase: using tradeables The agreement and closing phase The testing could take the form of questions following a presentation by either side or questions on a tender or proposal document received by the buyer from the potential supplier. The testing phase is necessary to confirm that your approach and objectives are appropriate for the negotiation situation you now find yourself in. Careful listening, observation and interpretation of TOP's responses may give indication of the following:
Areas where TOP is willing and unwilling to make concessions
What factors or issues TOP places a high value on
If there are any non-commercial or emotional factors that may be pertinent TOP's underlying interests - why they are taking the position they are.
NEW QUESTION # 190
In which of the following persuasion methods, the influencer uses logics and objective reasons to persuade the others to buy intoinfluencer's ideas?
Answer: B
Explanation:
There are two major persuasion methods: 'push' and 'pull'.
Persuasion can be defined as encouraging someone to do something that you want them to do for you.
Persuasion is reasoning with someone so that they will believe or do something they might not otherwise do.
Persuasion can be considered as 'pushing' on TOP so that they can accept the change in attitude or behaviour as a result of your actions.
Influence is the ability to affect the manner of thinking of another. Influence can be considered as pulling on TOP so that you achieve the same result, but TOP feels they have changed their attitude or behaviour as a resultof their reflection and thinking, and not your direct actions.
There are multiple variables to consider when choosing between 'push' and 'pull'. Professor Fiona Dent of Ashridge Business School proposes situations when each style might be most appropriate, breaking down push into 'directive' and 'reasoning' and 'pull' into 'collaborative' and 'visionary':
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Using logical and objective reasons is one of the typical characteristics of persuasion reasoning method.
NEW QUESTION # 191
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